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It appears Canadians are more responsible borrowers than some at the federal level would have us believe. A couple of recent reports indicate the stereo-type of the fiscally conservative and responsible Canuck still has legs. One of our big banks sponsored a survey that suggests debt management is a top-of-mind issue for Canadians. It went beyond mortgages to report that 72% of respondents have debt and nearly half of them, 49%, have made an extra, lump sum payment in an effort to knock down their principal.
The spring report from the Canadian Association of Accredited Mortgage Professionals backs up the bank survey and indicates it’s nothing new. CAAMP shows that, since 1990, between 10% and 20% of mortgage holders have made lump sum payments while 20% to 25% have voluntarily increased the amount of their monthly payment. Thirty percent of those who have renewed their mortgages in the past 18 months have opted for higher payments. Minorities, yes, but certainly statistically significant minorities.